Budget 2021: ITR exemption for senior citizens 75yrs and above | News – Times of India Videos


Feb 01, 2021, 01:39PM ISTSource: TOI.in

In order to provide relief to senior citizens who are of the age of 75 years or above and to reduce compliance for them, the Union Budget 2021-22 proposes to insert a new section to provide a relaxation from filing the return of income. The senior would be eligible if he/she has pension income and no other income. However, in addition to such pension income he may have also had interest income from the same bank. No major announcements were made on the Direct Tax front, which will come both as a relief and a disappointment for the salaried taxpayers. Budget 2021 did not make any changes to the income tax regime with no change in standard deduction or Section 80C limit. The Budget also proposes setting up of a faceless Dispute Resolution Committee for tax disputes.

.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *